ALPSINDUS - Alps Industries

📊 NSE: ALPSINDUS 🏢 Textiles - Products 📅 Last Updated: 12/13/2025 18:13

💰 Financial Performance

Revenue Growth by Segment

Revenue growth is not explicitly detailed by segment as the company reports a significant reduction in business operations; however, the standalone net loss for the half-year ended September 30, 2025, was INR 34.03 Cr (INR 3,403.08 lakh), compared to a loss of INR 31.62 Cr in the previous year's corresponding period, representing a 7.6% increase in losses.

Profitability Margins

The company is currently reporting deep net losses with a net loss of INR 17.10 Cr (INR 1,709.81 lakh) for Q2 FY26 and INR 34.03 Cr for H1 FY26. Profitability is severely impacted by the insolvency process, with accumulated losses and loan liabilities potentially being higher by INR 2,219.49 Cr (INR 221,948.82 lakh) if the resolution plan's accounting treatments were not applied.

EBITDA Margin

Not disclosed in available documents, though the company reports negative cash earnings for the year, leading to a Debt Service Coverage Ratio of 0.00.

Capital Expenditure

Property, plant, and equipment (PPE) are valued at an absolute carrying amount of INR 2.23 Cr (INR 222.60 lakh) as of September 30, 2025. No new planned CapEx is detailed due to the ongoing implementation of the Resolution Plan.

Credit Rating & Borrowing

The company is under the Insolvency and Bankruptcy Code (IBC) process; borrowing costs are not explicitly stated as interest is not being provided on certain loan liabilities pursuant to the resolution plan. Total liabilities as of September 30, 2025, stood at INR 937.15 Cr.

⚙️ Operational Drivers

Raw Materials

The documents mention 'raw material' generally in the context of availability and price risks; historically, as a textile company, these include cotton and synthetic fibers, though specific names and cost percentages are not disclosed in the current reporting period.

Capacity Expansion

Current operations are minimal; the company states that 'no operative assets remain' with it as it is under CIRP proceedings. No expansion is planned until the Resolution Plan is fully implemented.

Raw Material Costs

Raw material purchase turnover ratio was 120.32 in the previous year (2023-24), but current year costs are not specified due to the reduction in business operations.

Manufacturing Efficiency

Not disclosed in available documents; business operations have been significantly reduced during the CIRP process.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth is contingent upon the successful implementation of the Resolution Plan approved by the Hon'ble NCLT Prayagraj on November 4, 2025. The strategy involves a change in management, with new directors (Mr. Sanjeev Khanna and Ms. Aayushi Kukreja) appointed effective December 1, 2025, to oversee the restructuring and potential revival of operations.

Products & Services

Historically, the company produced textile products including yarn and home furnishings, though current documents indicate 'no operative assets remain' during the resolution phase.

Strategic Alliances

The company is currently managed by a Monitoring Committee and a Resolution Professional (Mr. Hemant Sharma) following the NCLT-approved resolution plan.

🌍 External Factors

Industry Trends

The textile industry is facing demand destruction and changing customer preferences. The company is currently positioned in a restructuring phase under IBC, moving from a 'suspended' board status to the implementation of a resolution plan to address its INR 937 Cr+ liability.

Competitive Landscape

The company faces competition in the global textile market, though specific competitors are not named in the filings.

Competitive Moat

The company does not currently possess a sustainable moat as it is in insolvency; any future competitive advantage would depend on the successful execution of the NCLT-approved resolution plan and the expertise of the new management team.

Macro Economic Sensitivity

The company is sensitive to economic developments in India and international markets, particularly regarding bilateral and multilateral trade agreements.

Consumer Behavior

Shifts in customer preferences are identified as a strategic risk that could lead to demand destruction for the company's products.

Geopolitical Risks

Regulatory risks include changes in international trade disputes and bilateral trade agreements which could impact the textile export business.

⚖️ Regulatory & Governance

Industry Regulations

The company must comply with SEBI (LODR) Regulations and the Companies Act 2013. Operations are currently governed by the Insolvency and Bankruptcy Code (IBC) and the orders of the NCLT Prayagraj.

Legal Contingencies

The company is subject to the implementation of a Resolution Plan approved by the Hon'ble NCLT Prayagraj vide its order dated November 4, 2025. There is a significant observation regarding unprovided interest and liabilities totaling INR 2,219.49 Cr.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the successful implementation of the Resolution Plan and the ability of the new management to restart operations. Financial impact of observations regarding liabilities is estimated at INR 2,219.49 Cr.